Gallery Furniture customers will see $7 million in refunds after owner Jim "Mattress Mack" McIngvale made a bet on the Broncos winning - and lost (John Mizwa)

February 11, 2014 5:05:39 PM PST

HOUSTON --

Jim "Mattress Mack" McIngvale is out $7 million this morning after losing a Super Bowl bet with his customers.

The Houston furniture magnate said that if the Seattle Seahawks won the Super Bowl, he would give a full refund to anyone who spent $6,000 or more in the previous two weeks and had their furniture delivered by 5pm Sunday.